Your bank will lend you $4,000 for 45 days at a cost of $50 interest. What...

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Your bank will lend you $4,000 for 45 days at a cost of $50 interest. What is your effective rate of interest? Note: Use a 360-day year. Do not round intermediate calculations. Input your answer as a whole percent. Effective rate % Your bank will lend you $4,000 for 45 days at a cost of $50 interest. What is your effective rate of interest? Note: Use a 360-day year. Do not round intermediate calculations. Input your answer as a whole percent. Effective rate %

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To find the effective annual rate EAR of interest we can use the following ... View the full answer